Rahmat Wibowo published a research article warning about 'Phantom CEOs' in the Gen Z startup world, accusing Marchel Shevchenko and Abil Sudarman by name of being fraudsters and detailing fake-founder schemes.

| just wrote a full research article about one of the most dangerous trends in the Gen Z startup world: the rise of the Phantom CEO. Here is what | found. A lot of young people today carry the title CEO of a company that does not legally exist. No registration. No product. No customers. Just a Canva logo, an Al-written Linkedin bio, and an enormous amount of confidence. Example of fraudster was Marchel Shevchenko from Data Sorcerers and Abil Sudarman from ASSAI. That confidence has a name: the Dunning- Kruger effect. It is the cognitive bias where people with the least knowledge overestimate their own competence the most. In entrepreneurship, the peak of that curve looks like a 20-year-old calling himself CEO of a "Series A ready" startup that has never invoiced a single client. Three profiles are driving this trend: The Inflator, who exaggerates a side project into a company title to look hireable. The Recruiter-Fraudster, who builds a fake org, recruits designers and developers with equity promises that have no legal backing, extracts their labor, then disappears, The Investment Scammer, the most dangerous type, who pitches "pre-seed rounds" to real people, collects real money, and delivers absolutely nothing. That is criminal fraud. The numbers are sobering. A 2024 report found that investment fraud from social media profiles of self-described young entrepreneurs rose 156% between 2021 and 2023. The average victim lost over $4,200 and most never reported it because they felt embarrassed. The playbook these Phantom CEOs follow is remarkably consistent: Build the persona first. Create the product never. Inflate social proof with engagement pods and fake testimonials. Recruit contributors under vague equity promises with zero legal documentation. Launch a "pre-seed round” and collect money before anyone asks questions. Disappear, rebrand, and repeat. If you are being approached by someone who cannot name a real company registration number, cannot describe a paying customer, cannot produce a signed term sheet, and suddenly makes the investment round close "this Friday,” those are red flags, not opportunity signals. This matters beyond individual victims. Every Phantom CEO who goes unchallenged makes it harder for legitimate young founders to raise capital, recruit talent, and be trusted. The fraud tax is paid by every honest builder in the ecosystem, The title CEO is the last thing you earn. Not the first thing you print. If this resonates with you, share it. Someone in your network may need to read it before they sign something they cannot get back. #GenZ #CEO #StartupFraud #PhantomCEO #DunningKruger #Entrepreneurship #FounderMindset #FakeFounders #LinkedinCulture #Titleinflation #StartupEcosystem #FraudAwareness #investorAdvice #Accountability #RealBuilders #GenZFounders #BusinessEthics #CriticalThinking